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Global CEOs, economists lauded note ban, says PM Modi

Citing testimonials from global CEOs and economists, Prime Minister Narendra Modi on Tuesday said that demonetisation has had no impact on India’s economy and the “bold move” was seen across the world with a lot of respect. “The removal of black money from the economy will benefit all sectors; be it social or economic. Today the world is seeing this bold move with a lot of respect,” said Modi while dedicating the Rs 30,000-crore ONGC Petro Additions Ltd (OPaL) plant at Dahej in Bharuch district of Gujarat to the nation. This is one of the largest petrochemical plant in the country.

“The decision taken after Diwali has been supported by large global organisations and experts,” he added.

Modi while addressing an industry meet organised at the petrochemical complex of OPaL-— a joint venture company promoted by ONGC, GAIL and GSPC — cited examples of how different organisations around the world including the World Bank, IMF and others have appreciated the demonetisation move.

“The last quarter’s (GDP) figures have answered all those who were predicting that the step taken in November against black money and corruption will hurt the economy badly,” Modi said adding that the move had no adverse impact on the economy.

Talking about the recent Assembly elections held in five states, Modi said: “Before our government was formed in 2014, the country was faced with a lot of economic challenges; you all know about it. Inflation was out of control. During the entire election campaign a lot was said. But, not a single (political) opponent said a anything about price rise … This is a big thing. The means that the government has been able to stop the price rise. Our efforts are still on.”

Talking about Dahej PCPIR where the OPaL plant is located, the prime minister said that he has seen the region grow before his eyes like a child and today has a total investment of Rs 40,000 crore. OPaL’s projects its market share in the polymer sector to 13 per cent by 2018. “Currently the average per capita consumption of polymers in India is 10 kilogram, compared to the world average of 32 kilogram, Modi said.

Meanwhile, stating that the 1.5-year-old negotiations with a subsidiary of Kuwait Petroleum Corporation (KPC) is “still open”, CEO of OPaL K Satyanarayana said on Tuesday that the company is willing to offer 45-46 per cent stake to any willing investor.

“Talks were going on for the last 1.5 years and at one point of time they were dictating the terms. Now since all the construction risk is over and we have started the plant, now we are going to talk. The deal is still open,” said Satyanarayana.